EML Payments (ASX:EML) said the Australian Prudential Regulation Authority (APRA) and Reserve Bank of Australia (RBA) agreed to extend the date for implementation of the required authorized deposit-taking institution guarantee structure, subject to EML Payment Solutions showing "satisfactory progress" towards obtaining the guarantee via periodic reporting, according to a Friday Australian bourse filing.

EML Payment Solutions is engaging with several domestic and international financial institutions, as well as legal advisors and trustee service providers, to design the required guarantee structure.

The regulators had earlier said that they require the firm to obtain a guarantee from an authorized deposit-taking institution in respect of stored value liabilities for certain EML Payment Solutions programs by Thursday.